Trafford Centre in Greater Manchester sold by Peel

Existing management team and staff will remain in place, the Peel Group said

The Trafford Centre in Greater Manchester has been sold to Capital Shopping Centres (CSC), which already owns 13 shopping centres across the UK.

Peel Holdings confirmed it had sold the centre, valued at £1.65bn, for £75m and a 19.9% stake in CSC. The cost of the sale takes into account a £800m debt.

John Whittaker, chairman of the Peel Group, will now become deputy chairman of the CSC board.

The Peel Group said existing management team and staff would remain in place.

The group is the largest privately-owned landowner in north-west England, with a portfolio of businesses including Liverpool John Lennon Airport, MediaCityUK and the Mersey Docks and Harbour Company.

CSC owns centres including Manchester's Arndale Centre, Lakeside in Thurrock, Metrocentre in Gateshead and Eldon Square in Newcastle.

Mr Whittaker said: "The Trafford Centre remains one of Peel Group's prized assets under the new ownership structure."